With Bitcoin prices about where they were three months ago, the top cryptocurrency by market cap has traded mostly down or sideways since once again hitting the $70,000 mark about two weeks ago. That approximate 7% decline is likely owing to several factors rather than a single key incident, experts told Fortune.
One reason for the relative stagnation is the plateauing of the 11 spot Bitcoin exchange-traded funds. Interest had ramped up in January after the SEC approved the ETFs, which now contain over $53 billion combined, according to CoinGlass data. However, the bulk of the inflows came during the first two months of trading: By March 13, $55.3 billion of assets had flowed into the funds, meaning they’ve since contracted. Over the past week, net outflows reached $580.6 million.
